RWS AR 23 Final Single pages - Flipbook - Page 164
Notes to the Parent Company Financial Statements (continued)
11. SHARE CAPITAL, RESERVES AND SHARE-BASED PAYMENTS
Details of the share capital of the Parent Company can be found in Note 21 of the Group’s 昀椀nancial statements.
Details of the dividend payments within the year can be found in Note 10 of the Group’s 昀椀nancial statements.
During 2023, the total share-based payment charge amounted to £1.8m (2022: £3.2m). The Company has taken the
exemption available under FRS101 available in respect of disclosures relating to IFRS 2 Share-based payments in respect
of Group settled payments. For details of the Group's share-based payment transactions, see Note 22 of the Group
Financial Statements. Most share-based payments are equity settled by the Parent Company.
Included within retained earnings are £184.6m relating to gain recognised on a cash-box structure utilised as part of
the Moravia acquisition. These amounts are not currently distributable.
12. GUARANTEES AND OTHER FINANCIAL COMMITMENTS
In respect of overdraft facilities, the Parent Company, together with certain subsidiary undertakings, has given to the
Group’s principal bankers cross-guarantees secured by 昀椀xed and 昀氀oating charges over the assets of the Group. At the
end of the year, liabilities covered by these guarantees amounted to £Nil (2022: £Nil).
The Group’s RCF, to which the Parent Company is a borrower, is secured by guarantees provided by the material
subsidiaries of the Parent Company’s subsidiary undertakings.
13. POST BALANCE SHEET EVENTS
The Company has continued its share repurchase programme, and from 1 October 2023 to 8 December 2023 has
purchased on the open market 6,252,443 shares at an average price of 234.3p.
ALTERNATIVE PERFORMANCE MEASURES
RWS uses adjusted results as a key performance indicator, as the Directors believe that these provide a more consistent
measure of the Group’s operating performance. Adjusted pro昀椀t is therefore stated before amortisation and impairment
of acquired intangibles, acquisition costs, share-based payment expense and exceptional items. The table below
reconciles the statutory pro昀椀t before tax to the adjusted pro昀椀t before tax.
Reconciliation of statutory pro昀椀t before tax to adjusted pro昀椀t before tax:
Statutory (loss)/pro昀椀t before tax
2022
£m
(10.9)
83.2
Amortisation of acquired intangibles
38.8
34.4
Impairment losses (Note 12)
62.4
-
Acquisition costs
5.1
2.1
Share-based payment expense
1.8
3.2
22.6
12.5
0.3
0.3
120.1
135.7
2023
£m
2022
£m
Adjusted operating pro昀椀t
123.8
138.5
Amortisation of acquired intangibles
(38.8)
(34.4)
Impairment losses (Note 12)
(62.4)
-
(5.1)
(2.1)
Exceptional items (Note 6)
Exceptional 昀椀nance costs (Note 8)
Adjusted pro昀椀t before tax
Reconciliation of adjusted operating pro昀椀t to statutory operating pro昀椀t:
Acquisition costs
Share-based payment expense
Exceptional items (Note 6)
Statutory operating (loss)/ pro昀椀t
164
2023
£m
RWS Holdings plc — Annual Report 2023
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
(1.8)
(3.2)
(22.6)
(12.5)
(6.9)
86.3
